The global barium nitrate market is mainly driven by the growing demand from the fireworks/pyrotechnics industry accompanied by their increasing use in military applications across the globe.
Global Barium Nitrate Market size is expected to reach $3,923 million by 2024 from $2,481 million in 2016; growing at a CAGR of 5.9% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 6.5% and 6.2%, respectively, during the forecast period.
Rising Demand For Ceramic Powder Will Drive The Global Barium Nitrate Market
Key drivers of the global barium nitrate market are increasing demand from the fireworks/pyrotechnics industry accompanied by their increasing use in military applications across the globe. However, toxic nature of barium nitrate is the major hindrance for the barium nitrate market growth.
Moreover, expanding glass industry, rising demand for ceramic powder used for manufacturing of semiconductor devices and passive electronic components such as capacitors is further expected to generate growth opportunities for the market in the forecast period.
The global barium nitrate market has been categorized into end-users, and geography. By end-users the market is further classified into fireworks/pyrotechnics, glass/ceramics, and other end-users.
Based on geography, the global barium nitrate market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America covers United States, Canada, and Mexico.
Fireworks/Pyrotechnics held the highest market share
Fireworks/Pyrotechnics dominated major barium nitrate market share in the end-user’s segment and is expected to continue its dominance during the forecast period i.e. 2016 – 2024, driven by their capability of undergoing self-contained & self- sustained exothermic chemical reactions for the production of light, heat, gas, and smoke.
Asia-Pacific accounted the largest market share
Asia-Pacific generated the largest revenue accounting for 39.3% in the year 2016, owing to increasing demand from fireworks/pyrotechnics segment and growth in electronic industry. in terms of growth, Asia-pacific is expected to achieve the fastest CAGR of 6.5%, during the forecast period i.e.
2016 – 2024. Countries such as Singapore, Australia, and Malaysia, among other are witnessing the significant demand of barium nitrate.
The key companies operating in the global barium nitrate market are Basstech International LLC, Barium Chemicals Co. Ltd., San Yuan Chemical Co. Ltd., Angene International Limited, Sigma Aldrich Corporation, Solvay S.
A., Degussa AG, Tennants Distribution Ltd., Sakai Chemical Industry Co. Ltd., and Jiaocheng Sanxi Chemical Co., Ltd among others.
Scope of Barium Nitrate Market
- Other End-Users
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- South America
- Middle East
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